On February 7, 2022, FDIC Acting Chairman Martin J. Gruenberg released a statement of the FDIC’s priorities for the coming year. Among other items, the list includes: Strengthen Community Reinvestment Act (CRA): The federal banking agencies – the Federal Reserve, the Comptroller of the Currency, and the FDIC – have been working on a major revision of the rule implementing CRA. CRA requires banks to meet the credit needs of all the communities they serve, including […]
Tag: Cryptocurrency
FED SEEKS INPUT ON DIGITAL CURRENCY
On January 20, 2022, the Federal Reserve Board released a 40-page discussion paper, Money and Payments: The U.S. Dollar in the Age of Digital Transformation, that examines the pros and cons of a potential U.S. central bank digital currency (CBDC). It invites comment from the public and is the first step in a discussion of whether and how a CBDC could improve the safe and effective domestic payments system. The paper does not favor any policy outcome. […]
OCC POSITION ON CRYPTO
On January 13, 2022, Acting Comptroller Michael J. Hsu Remarks shared remarks regarding Crypto with the British-American Business Transatlantic Finance Forum Executive Roundtable. Crypto has rapidly gone mainstream. Five years ago, the total market capitalization of all cryptocurrencies was around $100 billion. Today it is over $2 trillion. Anyone with an internet connection can invest in over 12,000 different cryptocurrencies, purchase digital art and collectibles through non-fungible tokens (NFTs), and buy “property” in the metaverse. […]